FERRIS - During its meeting Monday, the Ferris City Council set Sept. 17 and Sept. 24 as dates for the first and second public hearing to “consider official vote of record for publication of proposed tax rate that would represent a tax increase,” according a staff agenda summary that also notes the record of vote must be published in a newspaper of general circulation as required by law.
The summary also reveals comparisons of the proposed budget with last year’s budget. If the proposed budget passes, it will mean a 0.52 percent increase in maintenance and operations and a 1.09 percent decrease in debt service, representing a 0.37 percent increase in total expenditures.
The appraised value on all property for 2006-07 was $107,963,655 and will increase to $119,794,865 for the new tax year.
The total appraised value of new property for the last tax year was $7,218,060, in contrast to $6,315,520 for the new tax year.
The taxable value of all property was $81,804,265 for the preceding year as compared to $93,740,286 for the current year. The city’s outstanding and unpaid bonded indebtedness is $268,899.
The tax rate for the current tax year remains the same as the preceding tax year at $0.60 per $100 in value, according to the summary, which indicates the average residence homestead appraised value and taxable value increased from $69,819 in the preceding tax year to $74,492 for the current year.
Taxes that would have been imposed in the preceding tax year on a residential homestead at the average appraised value (excluding special exemptions for persons 65 years of age or older or disabled) are estimated to have been $418.91. If the proposed tax rate is adopted, the rate would increase to $446.95 based on the average appraised value.
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